Tiger Global, an investment firm, has reportedly reduced the estimated value of several investments, including its stakes in popular nonfungible token (NFT) projects like the Bored Ape Yacht Club (BAYC) collection and the NFT marketplace OpenSea.
According to anonymous sources cited by Bloomberg, Tiger Global decreased the value of its BAYC holdings by 69% and its OpenSea holdings by 94%. The firm also lowered valuations for several other companies in its portfolio, as per the report.
Tiger Global has been actively involved in investing across various areas in the cryptocurrency space. In addition to NFTs, the firm has invested in projects related to blockchain security and privacy.
In 2021, Tiger Global co-led a $24 million funding round for CertiK, a blockchain security company, as part of its efforts to enhance security offerings for the decentralized finance (DeFi) sector.
